AUB eyes another rural bank
FAST-EXPANDING Asia United Bank (AUB), the banking arm of the Rebisco
group, is eyeing a rural bank in Northern Luzon that it will merge with
one of its subsidiaries, its top official said.
"AUB is conducting its due diligence right now on one rural bank located
in Northern Luzon," AUB President Abraham T. Co said in a recent interview.
He, however, refused to identify the rural bank, saying there are still
"issues" being resolved and AUB "is still studying the acquisition."
The bank chief said the rural bank is "big" in terms of assets and will
allow AUB to "grow its presence" in Northern Luzon.
Mr. Co said the assets of the rural bank, should AUB pursue with the
acquisition, will "likely be merged with the Rural Bank of Angeles."
The Rural Bank of Angeles, located in Angeles City, Pampanga, was
acquired by AUB in July 2009 allowing the universal bank to extend its
reach outside Metro Manila. The Rural Bank of Angeles has five branches
and other banking offices in Pampanga and Tarlac, according to the
bank's 2010 annual report.
AUB has been buying other banks as part of its expansion plans. Last
year, it acquired the banking assets and assumed the liabilities of
Asiatrust Development Bank, Inc. The year before, the bank purchased the
Cooperative Bank of Cavite.
AUB is in the process of preparing for its initial public offering
(IPO), which it hopes will raise some P11.31 billion.
Funds raised from the IPO will be used to strengthen the bank's capital
base, bankroll its expansion plans (which include the acquisition of new
branch licenses and the expansion of its branch network), and for
improvement in information technology system and general banking operations.
The bank currently has 107 branches nationwide and plans to add 45 more
this year.
Net profits of AUB rose by 19% to P1.36 billion last year. -- Ann
Rozainne R. Gregorio
--
-----------------------------------------------------------
CARLOS ANI - Consultant
Chairman of the Board - SEEDFINANCE Corporation
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63908-1737072 (Smart)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
